I suppose he's meaning the project to upgrade fs2 textures with emboss and similar effects.
Nothing THAT much better than what we've seen here in my opinion.
Personally I think that if you guys can substitute the original textures with new better ones, it'll be good and it'll surely make the original models look many times better, so be free to go for it.
But as I already said, the reason for the

models look crap, is not only due to sucking maps, which can be said mostly only for fighters and other models with custom low res textures: the tile textures aren't that crap usually, the problem is the way they are used.
The reason for the

models look crap, is because they're lowpoly for today standards and, probably more important, because in many cases they look like if they have been uvmapped in a hurry by a drunken mokey. The whole texturing strategy of many ships, and therefore the uvmapping job, just suck.
This mean that if you want to upgrade the aspect of the models, making new textures is surely important, but even more important is to re-uvmap and possibly rebuild the models, and in this case many textures should be trashed/changed/adapted to the new models.
My fear is that you may start a very very huge hard job that will come somewhat useless whenever someone will rebuild a model.
It'll be better in my opinion if this project will come not alone, but inside a bigger project regarding models and uvmaps too, so that the new textures will be created specifically for the new models and their specific needs.
Also I don't know you, but it takes me an incredible amount of time to draw new textures, and even if you'll be able to put together 3 or 4 good texturers it'll remain an incredibly big project to substitute all the original textures with new ones.
good luck anyway;)